New Delhi: Former IPL chairman Lalit Modi on Friday demanded that Chennai Super Kings' contract should be "cancelled" immediately and fresh auctions should be held in the wake of franchise owner Gurunath Meiyappan's name cropping up in the spot-fixing scandal.

"If a owner of an IPL team is engaged in betting, the contract clearly states that there is a suo moto right to cancel the agreement of the team and that should be done right away," he said.

"They (Chennai Super Kings) should not exist. There contract should be cancelled and new auctions should be held for the franchise," Modi said.

"When I was IPL chairman, passes were issued only after team owners gave us the names and after all documentation," he said.

Former BCCI president AC Muttiah, who was the first to raise the issue of Srinivasan's conflict of interest, agreed with Modi on this issue. "I have been repeatedly saying this but nobody took a stand. There is a clear conflict of interest and that's why Srinivasan is not being able to take a strong action," he said.